2. How will reducing the provision for uncollectible accounts affect the income statement and the balance sheet? Balance Sheet: When the Allowance for Uncollectible Accounts‚ a contra asset account‚ is reported on the balance sheet‚ the company expects that some of its accounts receivable will not be collected. It will debit Bad Debt Expense and credit Allowance for Uncollectible Accounts. This will result in reduction of “Current Assets” on balance sheet. Income Statement: This will also result
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different families have different rules and standards about children receiving allowance. Some families don’t let their children have allowance at all. Other families give children a set amount of money no matter what. However‚ neither of these methods is as effective to a child’s character growth as the third method; only giving children allowance when they have earned it. Parents should only give their children an allowance when they earn it because this teaches about responsibility‚ the real world
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associated with services rendered to individuals determined prior to service delivery to be unable to pay. A hospital may write-off all or part of the cost of providing service to such a patient. A write-off results from removing items from the accounting books. The number of Charity care cases has dropped in recent years. Potential reasons for the decline include changes in physician practice patterns and increasing financial pressures. Many hospitals do not inform their patients that charity
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This template contains pre-settings for the essential features of MLA format: margins‚ indentations‚ font‚ line spacing‚ and widow/orphan control. Please note there are no extra spaces between paragraphs of the same style! To use this template‚ select "File--Save As" and save the template under a new name. Then type over the words to replace the header‚ information block‚ and title. Finally‚ replace the text in the body of the template by using type-over insertions‚ or delete the body text in blocks
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Historical cost accounting Advantages • Historical cost accounts are straightforward to produce • Historical cost accounts do not record gains until they are realized • Historical cost accounts are still used in most accounting systems Disadvantages • Historical cost accounts give no indication of current values of the assets of a business • Historical cost accounts do not record the opportunity costs of the use of older assets‚ particularly property which may be recorded at a value based
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Subject: Bad Debt Expense Memo Introduction Your company has three uncollectible accounts which from three new customers: University of Hare-Brain‚ Dim-State University‚ and the College of Silly‚ each of them owned amount of $5‚000 when they filed for bankruptcy. You decide whether to write the total $15‚000 account payable off as a bad debt expense
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Example of bad debts recovered: The balance for Debtor A; RM 1‚500 as at 1/1/2011. On 15/3/2011‚ Debtor A could not be traced and was written off as bad debts. On 20/10/2011‚ Debtor A repaid his debt by cheque for RM 1‚500. Accounting period ends on 31/12/2011. |Date | | |JOURNAL |Debit (RM) |Credit (RM) | |15/3/2011 |DR | |Bad debts expense
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3. Accounting Framework for Rights and Obligations of Emissions Reduction Programs The FASB’s Conceptual Framework provides guidance to standard setters for establishing authoritative guidance. We apply the Conceptual Framework to the components of cap-and-trade programs in section 3.1. Section 3.2 describes the resulting accounting treatment‚ including income statement effects‚ of cap-and-trade program rights and obligations that is implied by the Conceptual Framework. 3.1. Using the FASB’s conceptual
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TITLE PAGE CREDIT MANAGEMENT AND THE INCIDENCE OF BAD DEBT IN NIGERIA MONEY-DEPOSIT BANKS. (A CASE STUDY OF UNION BANK OF NIGERIA PLC) BY NWOKOLO CHIMEZIE THANKGOD BF̸ 2005 ̸ 027 A PROJECT SUBMITTED TO THE DEPARTMENT OF BANKING AND FINANCE IN PARTIAL FULFILLMENT OF THE REQUIREMENTS
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Purchase Method of Accounting All business combinations must be accounted for by applying the purchase method. This involves 3 key steps: a) Identifying an acquirer‚ b) Measuring the cost of the business combinations and c) Allocating the cost of the business combination to the identifiable assets and liabilities acquired. a) Identifying the Acquirer The acquirer should be identified for all business combinations‚ The acquirer is the entity which obtains controls over the other entity‚ There
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